Answered

Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Our platform provides a seamless experience for finding reliable answers from a knowledgeable network of professionals. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

Kyle wants to buy a television on a hire purchase agreement. the cash price of the television is R5600. she is required to pay a deposit of 15% and pay the remaining loan amount off over 24 months at an interest rate of 14% p.a. what are kyles monthly repayment? keep your answer to the nearest rand.

Sagot :

ajeigbeibraheem

Kyles's monthly repayment on the television based on hire purchase agreement is R229

What is the monthly repayment?

The monthly repayment is the amount paid monthly with interest on a particular loan or to recover from debt.

From the given information:

  • The price of the television = R5600
  • Initial deposit = 15% of cash price = 0.15 × 5600 = 840

Thus

principal amount left to be repaid = 5600 - 840 = 4760

Using the formula:

[tex]\mathbf{M=\dfrac{P( \dfrac{r}{12}) (1+\dfrac{r}{12})^n }{(1+\dfrac{r}{12})^n - 1}}[/tex]

[tex]\mathbf{M=\dfrac{4760( \dfrac{0.14}{12}) (1+\dfrac{0.14}{12})^{24} }{(1+\dfrac{0.14}{12})^{24} - 1}}[/tex]

M = R228.54

M ≅ R229

Learn more about monthly repayment here:

https://brainly.com/question/26011426

#SPJ1

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.